The following table summarizes the amortized cost and fair value of securities available-for-sale at December 31, 2024 and 2023 and the corresponding amounts of gross unrealized gains and losses recognized in accumulated other comprehensive income (loss).

The amortized cost and estimated fair value of investment securities available for sale as of December 31, 2024 and 2023 is as follows:



(Dollars in thousands)			Gross		Gross
	Amortized		unrealized		unrealized		Fair
December 31, 2024	cost		gains		losses		value
U.S. Treasury	$	36,192	$	—	$	(4,395)	$	31,797
Municipal		156,528		37		(22,973)		133,592
Corporate		26,356		1		(2,133)		24,224
Agency mortgage & asset-backed		180,423		178		(10,780)		169,821
Non-Agency mortgage & asset-backed		154,554		45		(5,429)		149,170
Total	$	554,053	$	261	$	(45,710)	$	508,604



(Dollars in thousands)			Gross		Gross
	Amortized		unrealized		unrealized		Fair
December 31, 2023	cost		gains		losses		value
U.S. Treasury	$	83,494	$	—	$	(9,403)	$	74,091
Municipal		161,339		—		(22,721)		138,618
Corporate		26,336		—		(3,138)		23,198
Agency mortgage & asset-backed		142,565		90		(10,064)		132,591
Non-Agency mortgage & asset-backed		108,185		48		(4,228)		104,005
Total	$	521,919	$	138	$	(49,554)	$	472,503

At December 31, 2024 and 2023, the fair value of investment securities pledged to secure public funds and trust deposits totaled $151.7 million and $207.4 million, respectively. The Bank has no investment in a single issuer that exceeds 10% of shareholders equity except U.S. Treasuries.

The amortized cost and estimated fair value of debt securities at December 31, 2024, by contractual maturity are shown below. Actual maturities may differ from contractual maturities because of prepayment or call options embedded in the securities. Mortgage-backed and asset-backed securities without defined maturity dates are reported on a separate line.



(Dollars in thousands)	Amortized ‎cost		Fair ‎value
Due in one year or less	$	—	$	—
Due after one year through five years		42,038		38,015
Due after five years through ten years		87,395		75,855
Due after ten years		89,643		75,743
		219,076		189,613
Mortgage-backed and asset-backed		334,977		318,991
Total	$	554,053	$	508,604

The composition of the net realized securities (losses) gains for the years ended December 31 is as follows:


(Dollars in thousands)	2024		2023
Proceeds	$	42,413	$	40,113

Gross gains realized		—		12
Gross losses realized		(4,267)		(1,131)
Net (losses)/gains realized	$	(4,267)	$	(1,119)

Tax benefit on net losses realized	$	896	$	235

The following table reflects the unrealized losses in the investment portfolio, aggregated by investment category, length of time that individual securities have been in a continuous unrealized loss position and the number of securities in each category as of December 31, 2024 and 2023. Securities in an unrealized loss position are evaluated at least quarterly for impairment. For this evaluation, the Bank considers: (1) the extent to which the fair value is less than amortized cost; (2) adverse conditions specifically related to the security, industry or geographic area; (3) the payment structure of the debt security and the likelihood of the issuer being able to make payments that increase in the future; (4) failure of the issuer of the security to make scheduled interest or principal payments; and (5) any changes to the rating of the security by a rating agency. In addition, the Bank considers whether it intends to sell these securities or whether it will be forced to sell these securities before the earlier of amortized cost recovery or maturity. The Bank does not have the intent to sell and does not believe it will more likely than not be required to sell any of these securities prior to a recovery of their fair value to amortized cost. The debt securities in a loss position and subject to evaluation at December 31, 2024 and 2023, were determined not to be attributable to credit related factors; therefore, the Bank does not have an allowance for credit loss for these investments.



	December 31, 2024
	Less than 12 months					12 months or more					Total
	Fair		Unrealized			Fair		Unrealized			Fair		Unrealized
(Dollars in thousands)	Value		Losses		Count	Value		Losses		Count	Value		Losses		Count

U.S. Treasury	$	—	$	—	—	$	31,797	$	(4,395)	13	$	31,797	$	(4,395)	13
Municipal		—		—	—		132,550		(22,973)	164		132,550		(22,973)	164
Corporate		—		—	—		23,237		(2,133)	50		23,237		(2,133)	50
Agency mortgage & asset-backed		55,121		(2,251)	18		101,171		(8,529)	217		156,292		(10,780)	235
Non-Agency mortgage & asset-backed		79,422		(2,974)	26		53,615		(2,455)	50		133,037		(5,429)	76
Total temporarily impaired	$	134,543	$	(5,225)	44	$	342,370	$	(40,485)	494	$	476,913	$	(45,710)	538



	December 31, 2023
	Less than 12 months					12 months or more					Total
	Fair		Unrealized			Fair		Unrealized			Fair		Unrealized
(Dollars in thousands)	Value		Losses		Count	Value		Losses		Count	Value		Losses		Count

U.S. Treasury	$	—	$	—	—	$	74,091	$	(9,403)	28	$	74,091	$	(9,403)	28
Municipal		—		—	—		138,618		(22,721)	168		138,618		(22,721)	168
Corporate		1,483		(167)	5		21,715		(2,971)	46		23,198		(3,138)	51
Agency mortgage & asset-backed		6,227		(186)	19		118,053		(9,878)	223		124,280		(10,064)	242
Non-Agency mortgage & asset-backed		47,928		(560)	19		50,071		(3,668)	56		97,999		(4,228)	75
Total temporarily impaired	$	55,638	$	(913)	43	$	402,548	$	(48,641)	521	$	458,186	$	(49,554)	564